http://www.politico.com/news/stories/0309/20139.html Whoooooooooohooooooooooooooo.. It is a race to see how high the number can grow. We need another trillion dollar stimulus!
I think its closer to 40 Trillion if you add everything in. John Templeton said it was 30 Trillion and that was 2003. "Sir John also had a few words about debt -- a four-letter word that folks seem not to care about: "Emphasize in your magazine how big the debt is. . . . The total debt of America is now $31 trillion. That is three times the GNP of the U.S. That is unprecedented in a major nation. No nation has ever had such a big debt as America has, and it's bigger than it was at the peak of the stock market boom. Think of the dangers involved. Almost everyone has a home mortgage, and some are 89% of the value of the home (and yes, some are more). If home prices start down, there will be bankruptcies, and in bankruptcy, houses are sold at lower prices, pushing home prices down further." On that note, he has a word of advice: "After home prices go down to one-tenth of the highest price homeowners paid, then buy.""
For 11 trillion, we could have given every single person in Ohio (7th largest state population-wise) a million dollars. Each. JFC that's a lot of money. Everybody in Ohio - here's a cool million.
It's actually closer to 60 trillion. This guy should know: David M. Walker, formerly the Comptroller General of the United States, and currently president of The Peter G. Peterson Foundation, has prepared âA Citizens Guide to the Financial Condition of the United States Government,â which is available online at www.pgpf.org and which notes that in 2007 the major fiscal exposures to the government amounted to $52.7 trillion dollars. The report observes: âThe dollar figures used when discussing the federal budget are almost too large to comprehend. To translate the estimated $52.7 trillion in major fiscal exposures â our federal fiscal hole â into more understandable numbers, the U.S. Government Accountability Office (GAO) calculated the burden as equivalent to $175,000 per person living in the United States; $410,000 per full-time worker; $455,000 per household.â http://www.opinionfest.com/category/david-m-walker/
How long to pay off the debt? 30 years, 40 years, 100 years, never , just keep rolling it over. spread it over 100 years and it is manageable.
SIMPLE ANSWER!! All the debt will NEVER be paid off........STONE COLD LOCK! You heard the call here tonight!!! :eek: :eek: :eek: